Interest Rates have fallen to 5.25% for a 30 year fixed and 4.75% for a 15 year fixed on January 15, 2007. Rates haven't been this low since around 2003.
Buyers if you have been fence sitting waiting for the market & interest rates to bottom out, it sure seems like we are just about there. There is a nice selection of homes, prices are reasonable and interest rates are incredibly low. All in all, a great time to purchase a home.
Current listing inventory - 212 active listings in Owatonna as of today, that number has remained stable for several weeks now. Average days on the market has slid slightly to 173 days. The number of pending listings fell a bit to 16 houses. Average days on the market for pendings is 142 days. There were 7 properties Closed so far in 2008, with an average days on market time of 108 days.
The new market absorption chart for the end of year 2007 is done and has quite a bit of interesting data.
Give us a call, 507-390-2121 or email us, info@BartleyGroup.com
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